PR 6 But no Traffic to my site ! WHY ?

Iím kind of confused here. I have a ecommerce website, say .Example.co.uk (targeting for UK visitors) and it has PR 6 at the moment.
I really wonderd why I am not getting any good search ranking for my site. My site has a good number of quality back links and my competitor site has lesser back links, but still they are getting good search ranking and why not me, they also have a PR 6.
Is it related to something difference for SEO for international website? Should I need to do anything specific to target UK customers?
OR my product page has more no. of back links than my home page. Is this an issue, Will it make any difference?
Even Though I have PR 6 and good quality backlines why my site is not having a rank in google.co.uk search? But my competitorís site PR 6 and lesser back links than my site, but they rank on 1st page of Google search.

Any SEO Experts can give a valuable info???
Any help will be greatly appreciated.
Thanks in advance

There are many things considered when we can know why your competitor ranks well than you.

1. Your competitor has more links than you but you are not actually able to see them. How do you know that you have more backlinks.
2. Your competitor has more quality backlinks but you have more in numbers.
3. Toolbar PR of 6 does not have much of importance when it comes too Google ranking but its just self satisfaction. PR is generalized importance and not keyword specific.
4. You have links which targets other Anchor text than what your competitor have them.

To help generate traffic on your site, you have to get quality of back links.. Your gonna have the right people visiting at your site if your getting back links with the same niche.. Just wondering, how did you know that your competitors getting less back links yet they get more traffic?

you have pr 6 means you have good quality content your site. Google give you first priority on web. Do some promotion work. Go for seo service like social bookmarking and directory submission. Promote your site on social networking site. It's help you to bring huge traffic from them.

you have pr 6 means you have good quality content your site. Google give you first priority on web. Do some promotion work. Go for seo service like social bookmarking and directory submission. Promote your site on social networking site. It's help you to bring huge traffic from them.

PR has nothing to do with Content and its only a function of backlinks.

Social book marking and social news marketing is and instant and effective way to increase your website traffic.Utilizing social book marks expertly can bring thousands of traffic to your website monthly

The content of the website needs to be search engine friendly that should be capable of attracting large number of visitors. Again, having more back links can never bring more traffic, it is useful only if you get back links of websites of high page ranks.

Use social bookmarking sites such as digg and stumbleUpon to increase traffic on your site. StumbleUpon is really good site which send lots of traffic. You should also remember quality content is the king in SERP so more focus on it.

As shabbir and pacman1 pointed out, your PR score has no direct bearing on where you rank in the SERP. Google ranks pages based on relevance, not PR or backlink count.

Backlinks are important but not in the way many folks may think. A backlink ,even from a high PR page, will have no direct ranking benefit if the link is from a page with no relevance toward your targeted keyword. The best way to make your link relevant is to use your keyword in or near the anchortext of the linking anchor. This make the link relevant and it wil then have influence on your pages relevancy score.

Not all backlinks carry the same weight. The ranking power of a backlink is weighted by the PR of the page the link is placed on. This power is then divided by the number of oubound links. So some backlinks have little or no power while others can be very powerful for SEO ranking.

Seek to understand how backlinks can influence your page's relevancy score and you will understand what it takes to outrank your competitor. Bear in mind that proper on-page SEO will reduce the amount of relevant backlink power you will need to overtake your competitor in the SERP.